o Prepare a horizontal analysis of the following comparative income statement of McCready Tutoring Inc. Round percentage changes to the neare (Click the icon to view the comparative income statement.) Why was the percentage increase in net income higher than that in total revenue during 2020? i Data Table Show McCready's horizontal analysis of net sales and expenses. (Round percentages to one decimal place.) McCready Tutoring Inc. Horizontal Analysis of Comparative Income Statement For the Years Ended December 31, 2020 and 2019 Increase/(Decrease) Amt % 2020 2018 $ 549,000 $ 481,000 McCready Tutoring Inc. Income Statement For the Years Ended December 31, 2020 and 2019 2020 2019 Net sales $ 549,000 $ 481,000 Expenses Cost of goods sold 237,000 204,000 Selling and general expenses 148,000 141,000 Interest expense 28,000 12,000 61,000 Wagas expense 59,000 474,000 416,000 Total expenses $ Net income 75,000 $ 65,000 Net sales Expenses Cost of goods sold Selling and general expenses Interest expense 237,000 148,000 28,000 81,000 204,000 141.000 12,000 59,000 Wages expense Total expenses 474,000 416,000 $ Net income 75,000 $ 65,000 Print Done Net income increased by a much higher percentage than total revenues during 2020 because increased at a faster rate than did revenues total expenses